News Coronavirus watch30 Nov 2020

Egypt:Insurers propose pandemic risk pool

| 30 Nov 2020

Insurance companies in Egypt have proposed setting up a pool to cover the risk of epidemics and to fund scientific research on them. Insurers would set aside part of their annual profits for the pool.

The insurers also propose an intensive study be carried out by the Insurance Federation of Egypt (IFE) to design new insurance policies to cover future epidemics. The suggestion is that the IFE provides a model format for such policies for the whole market, reported Al Mal quoting the findings of an opinion poll conducted by the federation on the impact of the COVID-19 pandemic on the insurance sector.

This proposal says that new insurance policies to be studied include those covering life risk for medical teams, event cancellation, medical treatment for those who are in temporary employment, and pandemic-related business interruption.

Some companies which took part in the survey argue however that it is not possible to specify or issue standalone insurance policies covering the risks of epidemics.

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